$130 Million NBA Legend Admits Losing on More Than 15% Of His Worth Due to a Massive Mistake

Tim Duncan, one of the finest players in the NBA, experienced financial difficulties at some point in his career. Fortunately, he responded quickly and turned things around. In terms of today’s inflation, Duncan’s career earnings came to little under a quarter of a billion dollars, or about $360 million. He is worth $130 million in total. Tim earned $20+ million a season during his prime, easily ranking among the NBA’s highest-paid basketball players.

Duncan sued his former financial adviser in 2015, alleging that he had lost more than $20 million. In connection with Duncan’s case, a federal grand jury indicted the adviser in September 2016 on two charges of wire fraud. The adviser pled guilty to wire fraud in April 2017. In June 2018, they negotiated a settlement, and Duncan was awarded $7.5 million.

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NBA legend Tim Duncan admits losing $20 million

Because of this, many people have business managers and financial advisers who help them sensibly increase their money. For example, Tim Duncan once lost $20 million by placing his confidence in the wrong person and recounted how the event altered his approach to business. And Duncan said in 2015 that he lost $20 million because he trusted one of his counselors.

“Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me,” Duncan said.

“I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while. Obviously, I got to a point where the people I trusted were checking on themselves. The bottom line is this: You can’t be angry at yourself. I keep going back to this word, but I trusted someone. I was wrong about it. I got screwed over for it. I’m not mad at myself for that. That’s a lesson learned. I’ll never put myself in that situation again.”

Tim Duncan is hardly the only athlete to have had significant financial setbacks; Eddy Curry lost more than $57 million and experienced foreclosure on his home. Fans have been captivated by Duncan’s off-the-court actions since his retirement because of his reserved demeanor. Duncan should perhaps speak up more in the upcoming years about the things he went through and experienced.

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